The steep uptrend in EURCNH remains intact.....>

EURO: The steep uptrend in EURCNH remains intact with 7.9000 holding firm on the

downside. Bears will need a move below this level to mount a more sustainable

reversal, while a close above 8.0000 would enable the pair to trade into a

higher range. Pair currently trades at 7.9400.

- EURKRW is flat today at 1315 having retraced sharp early losses which saw the

pair hit 1310.40 early on. The 2-month uptrend remain broken but a downtrend has

not yet formed. Bulls would need a break above 1320 to suggest a resumption of

the uptrend. 

- EURJPY trades at 130.00, failing to rise despite increased global risk-on

sentiment. Rumours of the BOJ scaling back its long-end bond buying continue to

support the yen, with the pair facing resistance at 130.30 and support at

129.40. 

- EURAUD is up slightly on the day at 1.5770 but remains locked in its tight

range seen over the past month. Implied volatility is testing multi-year lows.